Microsoft announced during the build conference, and Steve Sinofsky reiterated in a blog posting that: "For the web to move forward and for consumers to get the most out of touch-first browsing, the Metro style browser in Windows 8 is as HTML5-only as possible, and plug-in free. The experience that plug-ins provide today is not a good match with Metro style browsing and the modern HTML5 web." Sinfosky goes on explain why Microsoft will not include Flash and why it's no longer needed. It's as close as we'll get to an obituary for Flash. Update from Thom: Added a note in the 'read more'!

Adobe's been shipping a tool to create first class flash based apps for Android and iOS since June (Android since January). This includes an entire re-write of their Flex widget toolkit with touch-optimized sizing and interaction metaphors (flingable lists without scrollbars, etc...)

The flash player and AIR run time have also been updated to support touch gestures, including multi-touch.

So if you are using the Flex based Adobe toolkit, you are set. If you are using other more low level flash content creation tools, the onus is not on Adobe to produce touch friendly interfaces. They've provided the hooks to intercept touch gestures, it's up to content creators to make their UIs touch friendly with big buttons, and simplified interfaces.